Battered and bruised but ready to move forward
BTA Bank has been at the centre of a financial storm involving a state bailout, Kazakhstan’s real estate crash and rotating central bank governors. However the tools to stabilise the situation now appear to be in place.
BTA dismisses default talk as Alliance falls
The chief executive of Kazakhstan’s BTA Bank, Anvar Saidenov, this week insisted creditors had not demanded early repayment of their debt and that he was confident of his bank’s access to liquidity. Separately, its rival, Alliance Bank, announced that it was seeking a standstill agreement from its creditors.
State moves to stabilise Kazakh banking sector
The Kazakhstan government has now moved to control a significant portion of the countries major banks in an effort to stabilise the banking system. The state holding company Samruk-Kazyna, via its investment fund, the Samruk-Kazyna National Welfare Fund has now taken stakes in the country’s top four banks and has begun to appoint Samruk-Kazyna executives to the boards of directors of the banks.